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How do I input oil royalties for the purpose of calculating percentage depletion on schedule E?

April 26, 2017calculating depletion input Oil PERCENTAGE purpose royalties schedule

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How do I input oil royalties for the purpose of calculating percentage depletion on schedule E?

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10 Posted

Enter as Royalty income on the Schedule E. Go down toward the bottom of the Sch E screen to the Oil & Gas section and select the Production Type. Then Lacerte will compute the percentage depletion.